Last month, the Fed left rates unchanged at 4.25%-4.50% for the fourth straight meeting and forecast two 25-basis-point rate cuts for the year.

Weaker labor-market data this week could bolster the case for the Federal Reserve to resume interest-rate cuts soon. “My view is that I do think the Fed should cut in July,” said Matt Brill, head of North America investment-grade credit at Invesco Fixed Income,

The latest labor market data reinforces the central bank’s wait-and-see approach to lowering borrowing costs, despite pressure from President Trump.